Indian retail brokers comparison

India’s retail broking industry has undergone a structural transformation since 2015, accelerating sharply after the COVID-19 pandemic. The number of demat accounts grew from approximately 40 million in March 2020 to more than 150 million by early 2024, adding first-time investors at a pace no other market matched in that period. This growth was catalysed by the rise of discount brokers offering zero or flat-fee brokerage, app-first onboarding, and simplified interfaces that lowered the entry barrier for retail participation in Indian stock exchanges .

This article surveys the major retail brokers operating in India, outlines the regulatory framework governing them, describes the structural distinction between discount and full-service brokers, and provides comparative data on key parameters including brokerage charges, segments covered, mobile platform quality, API access, and SEBI SCORES complaint ratios.

Scale of Indian retail broking

SEBI publishes quarterly data on active client counts for registered brokers. An active client is defined as one who has traded at least once in a rolling 12-month window. The figures below are drawn from SEBI quarterly reports and broker disclosures for the period ending December 2023.

Total active clients across all brokers exceeded 40 million as of December 2023. The top five brokers collectively account for approximately 60% of active clients.

Regulatory framework

All retail stockbrokers in India operate under the oversight of the Securities and Exchange Board of India (SEBI). Key regulations governing brokers include:

• SEBI (Stock Brokers) Regulations, 1992 (as amended): Registration requirements, net worth norms, and operational obligations for stockbrokers.
• SEBI (Prevention of Money Laundering) Rules: KYC and anti-money-laundering obligations.
• Exchange rules: NSE and BSE each maintain their own member regulations, to which brokers must adhere as a condition of membership.
• SEBI Circular on Peak Margin Regulations (2020-2021): Mandates that exchanges collect margin from clients upfront on an intraday basis, limiting the ability of brokers to offer excessive leverage.
• SEBI SCORES (Securities and Exchange Board of India Complaints Redress System): Centralised complaint portal; brokers must resolve SCORES complaints within the prescribed timeframe.
• SEBI Smart ODR: Online dispute resolution portal introduced in 2023 as a pre-litigation mechanism.

SEBI publishes a broker complaint ratio (complaints per lakh of active clients per quarter) that is a useful proxy for service quality and operational reliability. High-complaint brokers are subject to enhanced surveillance, public advisory notices, and potential regulatory action.

Discount vs full-service taxonomy

Discount brokers

A discount broker offers trade execution services at a flat fee or zero brokerage (for equity delivery trades), without providing advisory or research services. The model was pioneered in the United States by Charles Schwab in the 1970s and brought to India at scale by Zerodha beginning around 2010. Key characteristics:

• Flat brokerage of Rs 0 (equity delivery) or Rs 20 per executed order (F&O, intraday) regardless of trade value.
• No in-person branches or dedicated relationship managers in the traditional sense.
• App or web platform as the primary interface; often technologically advanced.
• Lower operating costs allow competitive fee structures and lower minimum account balances.
• Typically do not offer a 3-in-1 account (integrated savings + demat + trading account) linked to a bank.

Major Indian discount brokers: Zerodha, Groww, Upstox, Angel One (has evolved toward discount), 5paisa, Dhan, Fyers, Paytm Money.

Full-service brokers

A full-service broker provides trade execution alongside research reports, personalised advisory, portfolio management services, dedicated relationship managers, and often a 3-in-1 account tightly integrated with a banking product. Key characteristics:

• Brokerage typically charged as a percentage of trade value (0.25% to 0.5% for delivery, 0.025% to 0.05% for intraday), which makes them expensive for high-volume or high-value traders.
• Physical branch network and telephone-based trading support.
• Bundled research: fundamental and technical analysis reports, model portfolios, and IPO recommendations.
• 3-in-1 account (ICICI Direct, HDFC Securities, Kotak Securities, Axis Direct, SBI Securities) offers seamless fund transfer between banking and trading account.
• Generally preferred by investors who value advisory support over cost minimisation.

Major Indian full-service brokers: ICICI Direct, HDFC Securities, Kotak Securities, Motilal Oswal, Edelweiss, Sharekhan, SBI Securities, IIFL Securities.

The boundary between the two categories has blurred since 2020: Angel One and Motilal Oswal have adopted flat-fee brokerage models for some segments while retaining research and advisory offerings.

Broker profiles

Zerodha

Zerodha was founded in 2010 by Nithin Kamath and Nikhil Kamath and is headquartered in Bengaluru. It is credited with introducing the flat-fee brokerage model to India and building Kite, one of the most widely used retail trading platforms. Zerodha does not offer free advisory; its model is purely execution-focused.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 20 or 0.03% (whichever is lower) per executed order for intraday, F&O, currency, and commodities.
• Demat via CDSL.
• Account opening: Free for resident individuals (since 29 June 2024); AMC Rs 300 per year.
• Trading platform: Kite (web and mobile); Kite mobile is consistently rated among the top investing apps on Google Play and the App Store.
• API: Zerodha Kite Connect API, a paid API (Rs 2,000 per month) widely used by algorithmic traders and fintech developers in India.
• Segments: Equity, F&O, currency, commodity (MCX), mutual funds (via Coin), bonds.
• Mutual funds: Coin platform offers direct mutual funds with no transaction fee.
• IPO: Available through BHIM UPI or ASBA mandates on the Kite platform.

Groww

Groww was founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. It began as a mutual fund investment platform and expanded to equity, F&O, and IPO trading from 2020. Groww’s user experience is optimised for first-time investors, with a clean interface and a strong content ecosystem (educational videos, blog).

Key facts:

• Brokerage: Rs 0 for equity delivery and direct mutual funds; Rs 20 per executed order for intraday and F&O.
• Demat via CDSL.
• Account opening: Free for online applications; AMC Rs 0 (currently waived).
• Platform: Groww app; well-regarded for simplicity but historically lacked advanced charting tools (improved in recent versions).
• API: Groww does not offer a public trading API as of 2024.
• Segments: Equity cash, intraday, F&O, mutual funds, gold (digital), IPO.
• Unique strength: Mutual fund discovery and SIP management features are highly developed; was the leading mutual fund distributor by SIP count among fintech platforms.

Upstox

Upstox (formerly RKSV Securities) was founded in 2009 and received investment from Tiger Global and Ratan Tata. It is one of the larger discount brokers by active client count. Upstox Pro Web and Upstox Pro Mobile are the primary platforms.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 20 per executed order for intraday and F&O.
• Demat via CDSL.
• Account opening: Free (online); AMC Rs 0 (waived for accounts opened after 2021).
• Platform: Upstox Pro Web with advanced charting; mobile app rated well for speed.
• API: Upstox API v2 (free access for self-use; paid tiers for third-party app builders).
• Segments: Equity, intraday, F&O, commodity, currency, mutual funds, IPO, bonds.

Angel One

Angel One (formerly Angel Broking) was founded in 1987 and transitioned from a full-service to a hybrid discount-full-service model in the 2020s. It has a large branch and sub-broker network alongside its app-first Angel One platform.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 20 per executed order for intraday and F&O.
• Demat via CDSL.
• Account opening: Free (online); AMC Rs 240 per year.
• Platform: Angel One app; SmartAPI for algorithmic trading.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO.
• Research: Retains in-house research team; provides fundamental and technical reports.

ICICI Direct

ICICI Direct is the broking arm of ICICI Bank and one of the oldest full-service brokers in India, having launched its online trading platform in 2000. Its principal advantage is the seamless 3-in-1 account integration with ICICI Bank savings accounts.

Key facts:

• Brokerage: Percentage-based (I-Secure plan: 0.55% equity delivery, 0.275% intraday) or flat fee (Prime/Neo plans: Rs 20 per order for F&O, lower delivery rates).
• Demat via NSDL.
• Account opening: Rs 0 to Rs 975 depending on plan; AMC Rs 700 per year (waived for the first year in some plans).
• Platform: ICICI Direct web (i-direct.com), ICICIdirect Markets app.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, insurance, NPS, IPO, bonds, US stocks (via international desk).
• Research: Extensive in-house research; fundamental coverage of over 250 companies.

HDFC Securities

HDFC Securities is the broking arm of HDFC Bank and offers a 3-in-1 account integrated with HDFC Bank savings accounts. It is the preferred broker for HDFC Bank customers who prioritise the integrated banking experience.

Key facts:

• Brokerage: 0.5% for equity delivery (with minimum Rs 25); flat plans available at Rs 199 per month for unlimited delivery trades.
• Demat via NSDL.
• Account opening: Rs 999 (one-time); AMC Rs 750 per year.
• Platform: HDFC Sky (mobile and web), launched 2023, replacing the older platform.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO, bonds.

Kotak Securities

Kotak Securities is the broking arm of Kotak Mahindra Bank. It offers a 3-in-1 account integrated with Kotak Bank accounts. Its Trade Free plan (introduced 2021) removed brokerage for equity delivery and introduced Rs 20 flat fees for other segments.

Key facts:

• Brokerage: Rs 0 for equity delivery (Trade Free plan); Rs 20 per order for intraday and F&O.
• Demat via NSDL.
• Account opening: Rs 0 to Rs 999; AMC Rs 600 per year.
• Platform: Kotak Securities app and web platform (neo.kotaksecurities.com).
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO.

5paisa

5paisa Capital is a discount broker that is part of the IIFL group. It is one of the earlier discount brokers and targets cost-conscious retail investors.

Key facts:

• Brokerage: Rs 20 per order across all segments and order types.
• Demat via CDSL.
• Account opening: Rs 0; AMC Rs 0 to Rs 450 depending on plan.
• Platform: 5paisa app and web platform.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, US stocks (global investing), robo advisory.

Motilal Oswal

Motilal Oswal Financial Services was founded in 1987 and operates as a full-service broker with an increasingly hybrid fee model. It is known for its fundamental research, quality-focused investment philosophy, and a large network of authorised persons (sub-brokers).

Key facts:

• Brokerage: Percentage-based on legacy plans; flat Rs 20 plans available.
• Demat via CDSL.
• Account opening: Rs 0 to Rs 299; AMC Rs 199 per year.
• Platform: MO Investor app and MO Trader app (F&O focused).
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, PMS, AIF, advisory.

Dhan

Dhan (operated by Raise Financial Services) was founded in 2021 and is one of the newer discount brokers. It has quickly gained recognition for an intuitive options trading interface.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 20 per executed order for intraday and F&O.
• Demat via CDSL.
• Account opening: Free; AMC Rs 0 (waived).
• Platform: Dhan app and web; known for Options Trader interface and basket order feature.
• API: Dhan API (free for self-use).
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO.

Fyers

Fyers (Fyers Securities) was founded in 2015 in Bengaluru and is popular among algorithmic traders and technically-minded retail investors due to its robust charting platform and API.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 20 per order for intraday and F&O.
• Demat via CDSL.
• Account opening: Rs 200 (one-time); AMC Rs 0.
• Platform: Fyers Web and Fyers One mobile app; TradingView-integrated charting.
• API: Fyers API v3 (free for self-use; popular among algo traders for its documentation quality).
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO.

IIFL Securities

IIFL Securities (formerly India Infoline) is a full-service broker with a large branch network. It has transitioned to a hybrid fee model.

Key facts:

• Brokerage: Flat Rs 20 per order on the Trader Terminal; percentage-based on legacy plans.
• Demat via CDSL.
• Account opening: Rs 0; AMC Rs 300 per year.
• Platform: IIFL Markets app and Markets web platform.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO, bonds, insurance.

Paytm Money

Paytm Money is the broking arm of One97 Communications (Paytm). It entered the equity broking space in 2019, having earlier focused on mutual funds. It targets first-time investors already in the Paytm ecosystem.

Key facts:

• Brokerage: Rs 0 for equity delivery; Rs 10 to Rs 20 per order for intraday and F&O.
• Demat via CDSL.
• Account opening: Free; AMC Rs 0.
• Platform: Paytm Money app.
• Segments: Equity, intraday, F&O, mutual funds, NPS, IPO.

Edelweiss

Edelweiss Broking (now Nuvama Wealth Management for HNI; Edelweiss Retail for retail) is a full-service broker with strong presence in the wealth management segment.

Key facts:

• Brokerage: Rs 20 per order on discount plan; percentage-based on full-service plan.
• Demat via CDSL.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, PMS, AIF.

SBI Securities

SBI Securities is the broking arm of State Bank of India. It is frequently chosen by SBI account holders who prefer the familiarity and perceived safety of a public-sector-affiliated broker.

Key facts:

• Brokerage: 0.5% for equity delivery; Rs 20 per order on flat-rate plans.
• Demat via NSDL.
• Account opening: Rs 300; AMC Rs 300 per year.
• Platform: SBI Securities app and web platform.
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO, sovereign gold bonds.

Sharekhan

Sharekhan was one of India’s earliest online brokers (founded 1999) and is now a subsidiary of BNP Paribas. It has a large branch network and is positioned as a full-service broker.

Key facts:

• Brokerage: Percentage-based (0.1% intraday, 0.5% delivery as base rates); negotiable for high-volume clients.
• Demat via CDSL.
• Account opening: Rs 0 to Rs 499; AMC Rs 400 per year.
• Platform: Sharekhan app and Trade Tiger (desktop platform for active traders).
• Segments: Equity, intraday, F&O, currency, commodity, mutual funds, IPO.

Comparison tables

Brokerage and fee summary

All figures are indicative. Actual charges depend on the plan selected and negotiated rates. Statutory charges (STT, exchange transaction charges, SEBI fees, GST, stamp duty) apply to all brokers uniformly.

Segments and platform features

SEBI SCORES complaint ratio (complaints per lakh active clients, FY 2022-23)

SEBI publishes complaint data quarterly. The figures below are approximate for FY 2022-23 and are intended to illustrate relative standing; absolute numbers change each quarter.

Source: SEBI quarterly complaint data, SCORES portal. Figures are approximate and rounded; verify current data on the SEBI website.

Post-2020 structural trends

Peak margin regulation (2020-2021)

SEBI’s peak margin regulation, phased in between June 2020 and September 2021, required brokers to collect and report client margins at four intraday snapshots. Brokers could no longer offer intraday leverage beyond what the margin framework allowed. Firms that had competed on high intraday leverage lost a key differentiator, and the competitive landscape shifted further toward fee transparency, platform quality, and service reliability.

Discount broker disruption

The rise of Zerodha, and subsequently Groww and Upstox, compelled full-service brokers to introduce flat-fee plans. HDFC Securities launched HDFC Sky (2023), Kotak introduced Trade Free (2021), and Angel One transitioned its pricing model. Most bank-affiliated brokers now offer flat-fee plans for F&O while retaining percentage-based delivery brokerage as the default (or making the flat plan an opt-in).

Retail F&O participation and SEBI concerns

The post-2020 demat account surge was partly driven by retail participation in the derivatives market. SEBI’s studies (notably its 2023 study on individual trader profitability in the index derivatives segment) found that approximately 89% of individual F&O traders incurred net losses in FY 2021-22. This prompted SEBI to consult on measures to curb excessive retail F&O participation, including minimum contract size increases and restrictions on weekly expiry products, which were implemented in late 2024.

Fintech convergence

Several fintech platforms that began as mutual fund aggregators (Groww, Paytm Money) expanded into full broking after SEBI permitted direct market access through these channels. Conversely, brokers built mutual fund platforms (Zerodha Coin, Angel One mutual fund) to capture SIP-driven assets under advisory (AUA).

Choosing a broker

Selecting a broker depends on the investor’s profile:

• First-time investor, equity delivery and mutual funds: Groww or Upstox for simplicity; Zerodha for a more feature-rich platform.
• Active trader (intraday and F&O): Zerodha Kite, Dhan (especially for options), or Fyers for chart quality and API access.
• Algorithmic or API-driven trader: Zerodha Kite Connect, Upstox API v2, or Fyers API v3.
• Bank-integrated 3-in-1 account: ICICI Direct (ICICI Bank customers), HDFC Securities (HDFC Bank customers), Kotak Securities (Kotak Bank customers).
• Full-service advisory: Motilal Oswal, ICICI Direct (full-service plan), Sharekhan.
• NRI investor: ICICI Direct or HDFC Securities (both offer NRI PIS-linked demat and trading accounts with established processes; Zerodha also accepts NRI clients).

For guidance on opening an account with the market-leading discount broker, see How to open a Zerodha account .

References

1. SEBI Quarterly Active Client Reports, FY 2023-24, Securities and Exchange Board of India. Available at sebi.gov.in.
2. SEBI Annual Report 2022-23, Securities and Exchange Board of India.
3. SEBI Study on Profitability of Individual Traders in Equity F&O Segment, January 2023. Available at sebi.gov.in.
4. SEBI Circular on Peak Margin Collection: SEBI/HO/MIRSD/DOP/CIR/P/2020/28, 27 February 2020.
5. SEBI SCORES (Securities and Exchange Board of India Complaints Redress System). sebi.gov.in/sebiweb/other/OtherActivity.do?doRecognisedFpo=yes.
6. CDSL Annual Report 2022-23, Central Depository Services (India) Limited.
7. NSE Member Statistics, January 2024, National Stock Exchange of India.
8. BSE Member Statistics, January 2024, Bombay Stock Exchange.
9. Individual broker websites and tariff schedules (Zerodha, Groww, Upstox, Angel One, ICICI Direct, HDFC Securities, Kotak Securities, 5paisa, Motilal Oswal, Dhan, Fyers, IIFL Securities, Sharekhan, SBI Securities, Paytm Money) accessed April-May 2024.